39Received 11.07.2025. Revised 12.11.2025. Accepted 30.12.2025.
Acknowledgements. This article is based on research conducted with the support of budgetary funding under the state assignment of the Financial University under the Government of the RF.
Abstract. The modern global economy is undergoing a profound transformation driven by the contradictory interplay of globalization and internationalization. Globalization, aimed at unifying economic space and reinforcing the dominance of a limited number of reserve currencies, is increasingly challenged by the alternative trajectory of internationalization, which emphasizes regional cooperation, sovereignty preservation, and the development of multipolar payment and settlement systems. Against the backdrop of escalating geopolitical instability, sanctions pressure, and the fragmentation of global trade, these trends have taken on an antagonistic nature, intensifying the search for new models of international payments and settlements. This article explores the concept of multi-level convergent regionalization as a promising framework for organizing payment and settlement systems. This approach blends elements of globalization and internationalization, creating a hybrid architecture that mitigates the risks of excessive centralization and dependence on dominant currencies while retaining the benefits of integrated economic ties. The study examines the key distinctions between globalization and internationalization, including their driving forces, currency mechanisms, degrees of integration, and regulatory features. A significant portion of the research focuses on the evolution of payment space and payment infrastructures, which serve as key institutional mechanisms and foundational elements of the global monetary and financial architecture. Four generations have been identified – from traditional centralized models to modern DLT-based solutions. Special attention is given to the phenomenon of distributedness in centralized infrastructures and the paradox of recentralization against the background of the spread of DLT, both of which manifest in hybrid models where elements of decentralization coexist with centralized control mechanisms. In conclusion, the study emphasizes that the sustainable development of the of the payment space requires a balanced approach integrating technological innovation, regulatory harmonization, and financial stability. The authors highlight the critical role of international cooperation in preventing the fragmentation of the global financial landscape. Next-generation multilateral hybrid digital platforms are identified as a promising avenue for ensuring stability and inclusivity in international settlements within an increasingly multipolar world.
Keywords: reduction of dollar dominance, internationalization, institutional adaptability, paradox of recentralization, payment infrastructure, payment space, polycentricity, distributed ledger, globalization trilemma
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